Note 7 - Convertible Notes Payable - Related Party

3 Months Ended

Mar. 31, 2018

Convertible Notes Payable

–

Related Party.

As of

December 31, 2017,

the amount of convertible debt of the Company’s balance sheet was

$886,481.

This amount consisted of

five

convertible promissory notes payable to Dr. Stephen T. Chen, Chairman, CEO, and President, as shown in the table below. On

January 8, 2018,

Dr. Chen demanded repayment in full of the

$25,000

convertible promissory note. He was paid the principal of the note,

$25,000,

and accrued interest in the amount of

$83.

March 8, 2018,

Dr. Chen demanded repayment in full of the

$70,000

convertible promissory note. He was paid the principal of the note,

$70,000,

and accrued interest in the amount of

$425.

March 9, 2018,

Dr. Chen demanded a partial repayment of the convertible promissory note for

$384,555.

He demanded payment in the amount of

$100,000

and was paid that amount of principal of the note,

$100,000,

and accrued interest in the amount of

$3,259.61.

	March 31, 2018		December 31, 2017
Convertible Note payable – related party	$	144,426	$	144,426
Convertible Note payable – related party		262,500		262,500
Convertible Note payable – related party		284,555		384,555
Convertible Note payable – related party		-		70,000
Convertible Note payable – related party		-		25,000
Convertible Notes payable – related party	$	691,481	$	886,481